- 22 March 2021
- Posted by: mikey0809
- Categories: Mortgage, Property
The 10-year fix average rate has moved from 2.84% to 2.89% this week, data from Moneyfacts.
In the same time frame, the two- and five-year fixes stayed put at 2.57% and 2.75%, respectively, while the average rate for a three-year fix rose from 2.65% to 2.67%.
The most significant change within this fix, took place at 65% LTV, as the average rate fell from 2.36% to 2.33%.
At 85% LTV, the average rate dropped just a fraction, from 3.07% to 3.06%.
Meanwhile, the average rate for a 90% LTV two-year fix gained 1 basis point, moving to 3.50%.
The 80% LTV average rate dropped 2 basis points, going from 2.60% to 2.58%.
It was an otherwise quiet week at this fix. The average rate at 65% LTV lost 1 basis point to end the week at 2.04% and, at 90% LTV, the average rate lost 1 basis point too, coming to 3.54%.
It was within this fix where the most action took place – at 95% LTV the average rate gained 11 basis points, moving from 3.75% to 3.86%.
There was movement at 90% LTV, as well – here, the average rate increased from 3.65% to 3.67%.
And at 65% LTV the average rate shed 3 basis points, falling to 2.31%.
The movements fuelling the headline rate drop here took place at 60% LTV, where the average rate gained 3 basis points to 2.45% and, at 75% LTV, rose by 4 basis points to finish the week at 2.80%.
Moneyfacts finance expert Eleanor Williams says: “Another week of varied updates in the mortgage sector; re-pricing activity continues with rate reductions by brands such as Principality Building Society, which cut some deals by up to 0.30%, HSBC, which made reductions of up to 0.10% on a selection of fixed rates, while Nationwide refreshed its range and included rate reductions of up to 0.25% on first-time buyer deals in its update.
“TSB balanced rate increases and decreases of up to 0.10% with the launch of new remortgage deals, while Halifax made a handful of rate increases, again of up to 0.10%.
Both Kensington and Cumberland Building Society added 90 per cent LTV products to their ranges, and in further positive news, this week also saw both Accord Mortgages and Bank of Ireland UK for Intermediaries return 95 per cent LTV deals to the market.
“Available via intermediaries, hopefully this marks the start of a return in product choice for borrowers with limited levels of deposit.”